By David C Korten
Nearly years after the monetary meltdown, monetary restoration nonetheless turns out a far off promise. determined, overwhelming desire for swap has now not conquer Washington’s timid choice for the established order. Joblessness and foreclosure stay endemic, and every day brings scandalous new revelations of outrageous Wall highway bonuses and corruption.
Issued as a document of the recent economic climate operating workforce, this considerably up to date and extended re-creation of time table for a brand new economic climate is a decision for a countrywide statement of Independence from Wall highway. what's wanted, Korten argues, is a approach that favors existence values over monetary values, roots strength in humans and neighborhood, and helps neighborhood resilience and self-organization inside a framework of dwelling markets and democracy. the hot version is a guide for a nonviolent major highway revolution – simply because switch, as he explains, won't come from above. it is going to come from below.
The root of the matter, as targeted largely within the first version of time table for a brand new financial system, is still what it used to be in 2008: Wall highway associations that experience perfected the artwork of making “phantom wealth”—mere numbers on paper—without generating something of genuine price and with none considered the social outcomes. within the re-creation, Korten examines how occasions seeing that September 2008 have confirmed that the predatory Wall road leopard can't swap its spots and explains why a visionary new president opted for marginal reform. He fleshes out his imaginative and prescient of the choice to the company Wall road economic system: a prime highway economic climate in keeping with in the community owned, community-oriented “living organizations” whose good fortune is measured as a lot through their confident influence on humans and the surroundings as by way of their confident stability sheets. most significantly, he bargains a groundbreaking plan as to what we as electorate can do to wreck in the course of the political paralysis and change the phantom-wealth Wall highway procedure with a living-wealth major road procedure that's aware of the wishes and values of standard people.
2011 self sufficient writer publication Award silver medalist!
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Additional resources for Agenda for a New Economy: From Phantom Wealth to Real Wealth
Like the diverse species of a healthy ecosystem, its enterprises take many forms, from sole proprietorships and family businesses to cooperatives and locally owned and rooted privately held corporations. Achieving a positive ﬁnancial return is an essential condition of staying in business, but most Main Street businesses function within a framework of community values and interests that moderate the drive for proﬁt. I grew up in a small town in which my family had a successful retail music and appliance business.
Buried in the details of our calculations, no one asked, What is money? Why should we assume that maximizing ﬁnancial return maximizes the creation of real value? I don’t recall whether such questions ever occurred to me. If they did, I kept them to myself for fear of being dismissed as hopelessly stupid. Nor did our teachers ever point out, perhaps because they didn’t recognize it themselves, that money is only an accounting chit with no intrinsic existence or value outside the human mind. Certainly, they never told us that money is a system of power and that the more dependent we are on money as the mediator of human relationships, the more readily those who have the power to create money and to decide who gets it can abuse that power.
It is easy to think of a corporation as a community of people. That is, however, A REAL-MARKET ALTERNATIVE 29 a misleading characterization, because the people are all employees of the corporation and paid to serve its ﬁnancial interests. If the corporation is Wall Street owned, they are bound to serve Wall Street interests, and their employment is solely at Wall Street’s pleasure. The publicly traded limited liability corporation is more accurately described as a pool of money with special legal rights and protections.
Agenda for a New Economy: From Phantom Wealth to Real Wealth by David C Korten